Ever since Satoshi Nakamoto gifted us with the world’s first cryptocurrency ‘Bitcoin,’ things started changing in the way we perceive finance, trade, and money. Though crypto, as a concept, itself is quite unique, still a big share of its success goes to its underlying infrastructure that rests on Blockchain Technology.
Designed to work as a decentralized digital ledger, blockchain stores transactions in blocks that are connected to each other. The technology ensures high-end security, full transparency, and immutability for its users. In the initial stages of crypto evolution, blockchain was seen as a mere building block that supports the decentralized currency network.
However, with more research work and experimentation within the field, experts realized the hidden potential of blockchain technology as a resourceful asset. This paved the way for the proliferation of blockchain across multiple domains alongside crypto. Today, we find blockchain revolutionizing the traditional working setups in fields such as education, healthcare, hospitality, retail, supply chain, banking, finance, and many others. As blockchain grew as an industry, it opened doors for employment opportunities as well. Presently, Millennials see blockchain technology as a potent career full of growth and earning capacities.
Here, in this article, we have tried to list out the 10 most popular jobs related to the blockchain realm that are likely to give your career a push in 2023. Before moving further, let’s have a quick briefing about what blockchain is and its features. So, let’s start:
What is Blockchain Technology?
In layman’s terms, a blockchain is a simple public ledger that stores information electronically in a digital and decentralized form. It is a distributed database that structures the transactions into blocks that are linked together securely. What makes a blockchain network unique is the fact that it is entirely dependent on the decentralization of power. There is no central authority to govern or verify the transactions. The data entered is verified by a network of computers called nodes.
Also, known as Distributed Ledger Technology or DLT, blockchain uses cryptography encryption to record and secure data. Each data block is connected to the previous block as well as the succeeding block to form a chain of transactions showing the movement of the asset involved. The blocks confirm the time and flow of transactions, thereby depicting clear changes in the ownership. This also helps to prevent any intrusion, deletion, or alteration in the blockchain. Each additional transaction block strengthens the verification of the preceding block and hence the whole blockchain network. The process makes blockchain immutable or tamper-proof thus ensuring high-end security and transparency.
Features of Blockchain Technology
Decentralization is the core functionality of a blockchain channel. There is no single governing authority in the cluster like in a traditional centralized system. The participating nodes or miners validate the transactions by solving complex algorithmic equations using various consensus mechanisms like Proof-of-Work or Proof-of-Stake. The decentralized structure reduces the cost of operation and enhances the working speed as well.
Improved Security and Transparency
All the network nodes need to give a consensus on data accuracy as there is no central authority to validate the data. The data is not stored in a single computer rather it is accessible on all the node computers. This makes it difficult for hackers to intrude into the network and compromise the blockchain data. The use of cryptography is an added advantage when it comes to security in a blockchain network.
Immutability is an important element of blockchain infrastructure. The validated transactions are recorded permanently on the ledger without leaving any space for changes or deletions.
Greater Efficiency and Speed
Blockchain offers enhanced efficiency in comparison to traditional working systems. As it follows the decentralized structure, the transactions are quickly verified by the participating nodes without any interference from third parties like banks or the government. This increases the work capacity within an ecosystem and also reduces expenditure. The technology increases the speed of execution and processing of transactions.
Immutability is an important element in a blockchain as it makes it highly secure for data storage. As all the transactions are time-stamped, the nodes can easily keep a track of all the new additions within the ecosystem. The immutability feature of a blockchain makes it free from intrusions from outside parties. It helps to avoid deletions, alterations, and modifications in the stored data. Thus, it makes blockchain highly secured for business entities and payment purposes.
As the data stored is accessible by all the participating nodes without any preference, it helps to maintain transparency within the system. The transactions are stored and secured by cryptographic encryption. All the nodes have equal access to the data entered in the blockchain so as to ensure that all the new additions are in their knowledge securely.
Top 10 Highest Paying Jobs in Blockchain Sector
When it comes to making a career in the blockchain sector, tech-savvies keep the option of becoming a blockchain developer at the first spot on their priority list. Blockchain has managed to expand its role in a plethora of financial and non-financial domains including education, transportation, healthcare, etc. This surge created a need for a more robust DLT ecosystem that easily caters to the requirements of the users.
In simple words, blockchain developers are programmers who create applications empowered by blockchain technology. It is the role of a blockchain developer to design the infrastructure, establish security protocols, create codes, etc. One can divide blockchain developers into two distinct categories namely, key blockchain developers and software blockchain developers.
The minimum qualification expected of a blockchain developer is a bachelor’s degree clubbed with some experience in programming in multiple languages. Developers need to possess knowledge about the architecture of a blockchain channel, its working, cryptography, web development, etc. Blockchain developers enjoy a high rank in the organizational hierarchy and are paid extremely well based on their expertise. They are an essential asset for any company that is willing to expand within the blockchain realm. One can learn metaverse concepts as well to enhance their knowledge and skills in one of the fastest-growing sectors.
This field involves professionals who are experts in assigning, developing, and integrating the multiple parts of a blockchain ecosystem. A blockchain architect has to perform a wide spectrum of duties in the firm. They need to interact with people from other departments as well such as UX developers, IT professionals, and system administrators so as to work in sync with them on different aspects of the project.
The potential blockchain architects should be well aware of the latest technological advancements in the sector. This includes technologies like Web3, Metaverse, NFTs, etc. that are growing at a fast pace. They can join a metaverse course program or Web3 training program for this. Blockchain architects should be skilled in working with CSS, HTML, Python, Node, and Generic SQL. They should have some experience in DevOps, cryptographic encryption, data science, and blockchain development. The average salary of a blockchain architect ranges somewhere between $114,803/year which makes it a popular career option for people.
A blockchain project manager is a necessary link that connects a business entity with blockchain professionals. The managers should clearly wire the expectations of the firm on a project to the blockchain experts and also make the requirements of the latter heard within the entity. They should simplify the technical requirements demanded by the blockchain team before conveying them to the company stakeholders for establishing a better understanding.
In order to succeed in the field, one needs to be good with blockchain terminology as well as project management skills. They should possess good communication skills as they work as a connecting bridge between two parties. Lack of communication skills makes it difficult for the non-technical unit to grasp the demands of their job. The average salary drawn by blockchain product managers lies around $106,175/year.
Working as a UX designer is yet another potential career option for many. The job renders professionals to design a robust interface for the blockchain fans. It is their duty to make the solution user-friendly, immersive, and innovative. The main focus of UX developers should be on giving users a seamless interface that focuses on simplifying the work for the users. With a surge in the popularity of Web3 technology and Metaverse, blockchain UX developers can focus on these as well when designing the interface. They should design projects that work efficiently with a metaverse blockchain and a metaverse wallet.
Those willing to work as UX designers need to have excellent technical skills and profound knowledge of blockchain technology. Good communication skills are an added advantage to your portfolio as UX developers need to communicate and work with other departments as well. Reports suggest that the average salary of a blockchain UX developer is around $107,500/year.
Blockchain Quality Engineer
The professionals in this field are required to ensure that the blockchain unit meets the highest quality standards. Blockchain quality managers perform various functions including manual testing, automation modules, dashboards, etc. They should run tests for all the newly-developed projects to avoid bugs and glitches. The professional should write a report to the concerned department and convey the information about the glitches found. This helps to make the end product free from all issues.
Blockchain quality engineers should have a deep understanding of the blockchain realm and its working. They should be good at communication, possess analytical skills, problem-solving skills, and quick thinkers. These experts can earn between $108k and $117k yearly.
As blockchain continues to make strides within the industrial domain, it has become essential for firms to understand its legal aspects as well. Blockchain legal consultants give advice to entities related to crypto projects, product launches, etc. They also help them manage the legal contracts by making them understand the terms and conditions. Consultants ensure that their clients are satisfying the regulatory guidelines of their native countries.
The job requirements include an in-depth understanding of the legal infrastructure involved in the blockchain industry. This includes working with the regulatory framework of a country concerning finance and crypto. Also, the legal consultant should have knowledge about smart contracts. They should be good at communication. Web3 education is also vital for a blockchain legal consultant as the Web3 industry continues to grow rapidly. They can enroll in Metaverse training programs for a better understanding of the legal setting in the cluster. The job can fetch anything between $100k and $190k per year.
The primary role of a blockchain engineer is to develop applications that satisfy a firm’s technological requirements. An expert blockchain engineer possesses good programming skills along with a deep understanding of working with the blockchain economy. This includes knowledge about elements such as demand and supply, incentives, etc. One should have a bachelor’s degree in engineering for this job. Blockchain engineers play a significant role in the success of a firm as they create applications for users that eventually become the brand’s image in the market space. The professional can attract a payment of $70,859 per year.
This career option has two variants- risk analyst and business analyst. A risk analyst identifies the existing risk elements pertaining to the blockchain application. They locate potential risks through in-depth analysis and provide remedial solutions for them. Contrastingly, business analysts develop business strategies focused on blockchain expansion. They identify the core areas that require development. A blockchain analyst should know everything about blockchain technology and its work along with some related technical skills. The average pay of a blockchain analyst is $93,291 per year.
Software engineers are experts in programming and have a background in software designing, computer science, and related technical fields. Blockchain software engineers work in complicated areas like smart contracts and banking. They should possess knowledge of Solidity language, cloud computing, database management, etc. An understanding of metaverse technology can help blockchain software engineers design solutions focused on Web3 development and evolution.
Crypto Community Manager
These professionals play an important role in marketing and client connections. They work as network coordinators who manage and control engagement stats over the Internet or social media platforms. The task requires a crypto community manager to be well-versed with the project details so that they can handle the queries of clients easily. Freshers with a blockchain degree can apply for this job.
With a significant shift of interest from a centralized to a decentralized infrastructure, blockchain technology has become the part and parcel of our society. The technology offers a perfect substitute for the traditional industrial and financial ecosystems that lacked more than one element. The rise in the adoption rate of blockchain technology as a resource has made it emerge as a potential ground for job opportunities. Here, we tried to list out the 10 most promising jobs in the blockchain field for you. The list includes a diverse range of job options favoring the interests of professionals from different realms. The seekers can choose their preferred job from the list based on their instincts.
If you are planning to sharpen your skills in crypto, then Blockchain Council can help you. The platform offers a wide range of blockchain course certifications related to crypto and blockchain technology. The certifications provide in-depth knowledge of the core concepts of blockchain technology.